UPDATE 1-UK property values up 0.1 pct in August-IPD
* Office total returns outperform retail, industrial
LONDON, Sept 14 (Reuters) - UK commercial property price growth remained steady at 0.1 percent in August, with offices outperforming retail and industrial and taking the rise in UK property values to 25 consecutive months, research showed.
Investment Property Databank's monthly index showed UK offices produced total returns of 0.8 percent in August, outstripping the 0.6 percent generated by industrial property and 0.5 percent from retail.
Across all commercial property classes, total returns which include the gains in property values and income returns, were 0.6 percent for August, IPD said.
"Retail assets continued to see declining values during August, as the spate of economic difficulties, that impact on consumer spending, continued," said Phil Tily, managing director of IPD UK and Ireland.
IPD data showed offices saw capital growth of 0.2 percent in August, while retail and industrial produced nil returns.
"While there continues to be a spread in improved performance for offices throughout London, the same cannot be said for retail, where outside of the city centre, yields have begun to edge out over the last two months," Tily said.
Industrial property generated 0.6 percent income returns in August, against 0.5 percent for both offices and retail. Income returns across all commercial property classes was 0.5 percent.
"However, despite the rather gloomy economic headlines, most areas of the market have held up surprisingly well, and rental growth has not dipped into negative territory, remaining level at zero," he said in a statement.
Over the past 25 months, UK commercial property values have regained 17.7 percent, having fallen by about 45 percent during the global financial crisis. (Reporting by Andrew Macdonald; Editing by Elaine Hardcastle)
- Thai PM calls snap election, protesters want power now |
- North Korea says Kim's powerful uncle dismissed for 'criminal acts'
- Storm pushes up U.S. East Coast after deep-freeze in the South
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'
- Venezuela's Maduro to raise pressure on business after local vote